And most of the convenience. I don't need a password manager if all I'm using is a single machine - an encrypted file in my homedir would do. It's the syncing of passwords across all devices that is the most useful.
Syncing does not need cloud features built into a password manager.
How else would it sync automatically?
Syncing of the encrypted store file between devices or your home server when they're in the same network.
What if they're never on the same network? I don't bring my work machine home, or my personal laptop to work, and yet they have to sync passwords somehow.